Oil prices are up for the eighth straight week on expectations of further tightening of crude supplies globally.
This week, Seaoil raised per liter prices by P0.50 on gasoline, P1.20 on diesel and P1.10 on kerosene.
Phoenix Petroleum and Jetti also adjusted per liter prices upward by P0.50 on gasoline and by P1.20 on diesel.
Cumulative increases for the last two months are at P9.65 per liter on gasoline, P13.65 per liter on diesel and P13.25 per liter on kerosene.
Data from the Department of Energy (DOE) as of August 29 showed Manila price per liter of gasoline (RON95) stood at P74.70, diesel at P64.70 and kerosene at P80.06.
DOE data also showed year-to-date adjustments amounted to a total net increase of P14.80 per liter on gasoline, P9.50 per liter on diesel and P6.64 per liter on kerosene.
Reuters reported that as of Friday last week, Brent crude settled at $88.49 a barrel while US West Texas Intermediate crude ended at $85.02 per barrel.
The report said the market’s fear of worsening tight supply is being supported by the expected decision of Saudi Arabia to extend a voluntary 1 million barrel per day oil production cut into October to prolong the supply curbs led by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to support prices.
Russia, currently the world’s second-largest oil exporter, last week agreed with OPEC to cut oil exports next month.
The report quoted analysts as saying the shortage is expected for the remainder of the year partly due to reasonably healthy global consumption and Saudi Arabia’s “determination to provide a high price floor.” -Jed Macapagal
